Korea Zinc executives stated on the 16th, "If the merger and acquisition (M&A) with MBK Partners and Youngpoong is successful, we will not join them."
On this day, 15 key executives from Korea Zinc, including Deputy Minister Lee Jejoong (Chief Technology Officer - CTO), the head of the smelting technology department, the head of the engineering department, and the heads of production departments 1, 2, and 3, released a statement saying, "We strongly oppose the hostile M&A attempts by MBK and Youngpoong."
They noted, "Korea Zinc, which has continuously grown over the past 50 years, is the result of efforts made as one team," adding, "We will work with the current management team, including Chairman Choi Yun-beom, to enhance Korea Zinc's future growth and shareholder value."
They emphasized, "We once again clearly declare that if the speculative private equity fund MBK and the failing corporation Youngpoong, which has serious environmental pollution and deficits, take control of the Korea Zinc board, there will be no future for Korea Zinc," stating, "We are together as one team, alongside the current management."
Korea Zinc will hold an extraordinary shareholders' meeting on the 23rd to vote on matters proposed by Chairman Choi Yun-beom and the MBK/Youngpoong side. Korea Zinc proposed items including the introduction of a concentrated voting system, a limit of 19 on the maximum number of board members, and the appointment of seven additional candidates for outside directors.